RIDE THE MOBIUS LOOP! California will start handing out $1,050 stimulus payments to residents this week to combat inflation.
Qualifying Californians will begin receiving relief payments of up to $1,050 this week to soften the blow of inflation.
Gov. Gavin Newsom signed a $308 billion state budget in June to deliver direct tax refunds to 23 million Californians as they struggle with inflation, which jumped 8.3% year over year.
“California’s budget addresses the state’s most pressing needs and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries,” said Gov. Newsom, Senate President Pro Tempore Toni G. Atkins, and Assembly Speaker Anthony Rendon in a joint statement.
The one-time payment, known as the Middle Class Tax Refund (MCTR), will be automatically delivered to residents starting Oct. 7, 2022, through Jan. 15, 2023, according to the Newsom administration. It anticipates that 95% of all payments will be issued before the end of the year.
Earlier: Top Democrat Acknowledges the Real Cause of Inflation.
In many ways, Rep. Ro Khanna is a far-left progressive. But the California Democrat also happens to be honest, and more prone to moments of genuine introspection than most in his party. Such was the case when Khanna appeared on Fox News on Sunday and acknowledged one of the biggest causes of our inflation woes that—because it’s politically inconvenient—most Democrats have refused to admit.
“I agree that there’s inflation, prices are up… there are two reasons for that,” Khanna said. “First, the Federal Reserve had quantitative easing for way too long and that was one of the main, primary culprits of this. They didn’t anticipate the inflation, monetary policy is largely determined by the Fed.”
What the congressman is referring to as “quantitative easing” is loose monetary policy, or, crudely simplified, the central bank’s printing of new money. As I’ve previously explained for BASEDPolitics, the Federal Reserve created trillions of new dollars out of thin air to “stimulate” the economy during the pandemic. This had the inevitable effect of making the dollars currently in existence less valuable.
Why, it’s as if “Milton Friedman isn’t running the show anymore.”